STA, 31 August 2020 - Comtrade CDS, the largest Slovenian IT company in terms of workforce size, has been acquired by the British IT company Endava in a deal worth EUR 60 million, the business newspaper Finance reported on Monday.
According to Finance, Comtrade CDS was recently spun off from the Slovenian arm of the Serbian Comtrade group, and consists of the divisions for digital services and system integration, which together accounted for almost two thirds of Comtrade's EUR 70.5 million in revenue last year.
The roots of the Slovenian Comtrade arm go back to the former Ljubljana IT company Hermes SoftLab, which was bought by Serbian entrepreneur Veselin Jevrosimović in 2008 for roughly half of what was paid now by Endava.
The Endava deal involves a company with employees with offices in Slovenia, Serbia, Bosnia-Herzegovina and the headquarters in Dublin. The Slovenian part of the Comtrade group had a workforce of 672 people last year and its core company 498, which makes it the largest Slovenian IT company in this respect.
Finance quotes Comtrade CEO Alexis Lope-Bello as describing Endava as the right partner that will nurture and develop CDS in ways Comtrade was not able to.
London-based Endava was registered in 2000 and primarily focuses on IT services for telecommunication, financial institutions, logistics, healthcare and the public sector. Employing almost 6,500 people, it generated EUR 386 million in sales revenue in the 12 months running up to March this year.